This study investigates the role of cash flow uncertainty and firm life cycle on sustainability disclosures using environmental, social and governance (ESG) disclosure score data. We conduct our analysis on a sample of 190 Indian firms for a period of 12 years from 2010 to 2021. Drawing upon the real‐option theory and organisational‐inertia theory, we document a negative impact of cash flow uncertainty and firm life cycle on a firm's commitment to disclose sustainability information. We also find a significant impact of managerial risk inclination and risk tolerance at the firm level in moderating the above relationships. Our findings can help managers equip themselves to meet the challenges of sustainability commitments during cash flow constraints and firm life‐cycle transitions. Moreover, our results can also help policymakers in assessing the need to enforce sustainability disclosures depending on the hurdles confronted by a firm.

中文翻译：

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现金流不确定性和企业生命周期对可持续发展披露的相互作用


本研究利用环境、社会和治理 (ESG) 披露评分数据，调查现金流不确定性和公司生命周期对可持续发展披露的作用。我们对 2010 年至 2021 年 12 年间的 190 家印度企业样本进行了分析。利用实物期权理论和组织惯性理论，我们记录了现金流不确定性和企业生命周期对企业生命周期的负面影响。公司承诺披露可持续发展信息。我们还发现公司层面的管理风险倾向和风险承受能力对调节上述关系有显着影响。我们的研究结果可以帮助管理者做好准备，应对现金流限制和企业生命周期转型期间可持续发展承诺的挑战。此外，我们的结果还可以帮助政策制定者根据公司面临的障碍评估强制执行可持续性披露的必要性。